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Highlights: The state-owned banks in India had revealed INR 1.50 trillion ($21.76 billion) worth of loans as wilful defaults in 2018-19The data from Reserve Bank of India represents gross loans and advances in state-run banks was calculated around INR 638.2 billion, as of March 31, 2019The government undertaking banks have filed 1,475 police complaints against wilful defaulters in the previous 3 financial years According to Indian law, wilful defaulters are known as companies or individuals that own large businesses and intentionally skip repayments. The state-owned banks in India had revealed INR 1.50 trillion ($21.76 billion) worth of loans as wilful defaults in 2018-19, while State Bank of India is accounted to have nearly one third of worth of loan lent. The State Bank of ...

Highlights: The amount of wilful defaulters has risen by 60% in the previous 5 years till FY 2019, however over INR 7,600 crore has been recovered from defaulters.The Income Tax department has issued notices, under the Black Money Act, in over 380 cases that involve undisclosed foreign assets and income valued over 12,260 crore.Serious measures have been initiated in 6,251 cases involving secured assets under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The amount of wilful defaulters has risen by 60% in the previous 5 years till FY 2019, however over INR 7,600 crore has been recovered from defaulters. Finance Minister, Nirmala Sitharaman said that the total count of wilful defaulters stood at 8,582 at...

Tag: wilful defaulters

Wilful Defaults Surpass $21 billion mark in India for the Year 2018-19

The List of Wilful Defaulters Increased by 60% in 5 Years